Area rugs market 2023-2027; A descriptive analysis of five forces model, market dynamics, and segmentation- Technavio

NEW YORK, Jan. 17, 2023 /PRNewswire/ — According to Technavio, the global area rugs market size is estimated to grow by USD 4,532.96 million from 2023 to 2027. The market is estimated to grow at a CAGR of almost 4.48{ae4c731f0fa9ef51314dbd8cd1b5a49e21f1d642b228e620476f3e076dd7c050} during the forecast period. However, the growth momentum will progressing. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 37{ae4c731f0fa9ef51314dbd8cd1b5a49e21f1d642b228e620476f3e076dd7c050}.

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Global area rugs market – Five forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers

• The threat of new entrants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Global area rugs market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global area rugs market – Segmentation assessment

Segment Overview
Technavio has segmented the market based on product (Machine-made area rugs and Handmade area rugs), application (Residential and Commercial), and distribution channel (Offline and Online)

• The market share growth by the Machine-made area rugs segment will be significant during the forecast period. Machine-made area rugs can be made in less time compared to handmade area rugs and are available at a lower price than handmade area rugs. They usually have a shorter life span and lower resale value than handmade area rugs. The global machine-made area rugs market is expected to experience steady year-on-year growth during the forecast period. The main factors contributing to the steady growth are the growing urban population, an increase in the number of nuclear families, and the rapidly growing housing industry with an interest in interior decoration. Therefore, the segment will witness growth during the forecast period.

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Geography Overview
By geography, the global area rugs market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global area rugs market.

• North America is estimated to contribute 37{ae4c731f0fa9ef51314dbd8cd1b5a49e21f1d642b228e620476f3e076dd7c050} to the growth of the global market during the forecast period. The major reasons for the growth of the market in this region are the increase in per capita income, the growing number of residential and commercial construction projects, and the increasing adoption of carpet tiles in commercial spaces. Such factors will increase the market growth during the forecast period.

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Global area rugs market – Market dynamics
Key factor driving market growth

• The consumer shift toward interior design is notably driving the market growth.

• Consumers around the world have become more conscious about interior design and are willing to invest both time and money in the best possible way to decorate their homes.

• This includes spending on uniquely designed home furnishings such as carpets, rugs, curtains, cushions, bedding, and other floor coverings that add to the aesthetic appeal.

• A few of the reasons behind the increasing consumer interest in home decoration are rising consumer incomes, changing lifestyles, increased media coverage, and the adoption of different cultures.

• In addition, the increasing number of working women and their increased participation in making decisions about home decoration also drive market growth. These factors have led consumers to spend more money on various designed and luxurious carpets, leading to market growth during the forecast period.

Leading trends influencing the market 

• Organized retailing is an emerging trend shaping the market. 

• The high penetration of organized retail in many developing countries is one of the biggest future trends in the market. As a result, the availability of different types of carpets has increased.

• The rapidly developing global retail industry, especially in developing countries, is witnessing the emergence of many retail stores such as supermarkets, hypermarkets, and specialty stores.

• Large organized retail stores have more brands and different types of carpets under one roof, which gives consumers more choices. As consumer brand awareness has grown, so has the importance of organized retailers that carry branded carpets and other home furnishing products. . Thus, the growth of organized retail will positively influence the market during the forecast period.

Major challenges hindering the market growth

• The high cost of raw materials is a major challenge impedine market growth. 

• The price of raw materials is a key factor in determining the production costs of surface rugs. An increase in the price of high-quality raw materials can increase the total cost of manufacturing carpets. This additional cost is usually passed on to consumers in the form of higher prices for carpets, which can limit purchases.

• Recent increases in raw material prices and raw material shortages may have negatively affected the global carpet market. Furthermore, China’s expanded carpet production capacity has created a global shortage of raw materials.

• As a result, the market was hit by repeated and sharp price increases for raw materials, especially flax, wool, silk, jute, and cotton. Thus, the high cost of raw materials poses a major challenge to the global carpet market.

Driver, Trend, and Challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this area rugs market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Area Rugs Market between 2023 and 2027

• Precise estimation of the size of the Area Rugs Market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the Area Rugs Market industry across North America, APAC, Europe, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Area Rugs Market vendors

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• The Carpets and Rugs Market is estimated to grow at a CAGR of 4.48{ae4c731f0fa9ef51314dbd8cd1b5a49e21f1d642b228e620476f3e076dd7c050} between 2021 and 2026. The size of the market is forecast to increase by USD 32.8 billion. The growth in the number of residential and commercial construction activities is notably driving the carpets and rugs market growth, although factors such as intense competition from LVTs may impede the market growth. .

Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Application

8 Market Segmentation by Distribution Channel

9 Customer Landscape

10 Geographic Landscape

11 Drivers, Challenges, and Trends

12 Vendor Landscape

13 Vendor Analysis

14 Appendix

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